Market Insight | Real estate stocks plummet during trading, Sunac China's decline expands by over 20%, Zhongliang Holdings drops nearly 15%

In the intraday trading, as of the time of publication, Sunac China fell by 22.4% to HKD 2.41; Zhongliang Holdings fell by 14.81% to HKD 0.138; R&F Properties fell by 12.06% to HKD 1.75; SINO-OCEAN GP fell by 11.84% to HKD 0.335. On the news front, Sunac China announced a plan to sell up to 489 million shares in a rights issue, accounting for approximately 5.31% of the enlarged share capital of the company. The price per share is HKD 2.465, representing a discount of approximately 19.97% from the closing price of HKD 3.08 on October 16. The total proceeds from the subscription are approximately HKD 1.205 billion, with a net amount of approximately HKD 1.192 billion, mainly intended to support the long-term solution for domestic corporate bonds and general operating funds